Esports Entertainment Group, Inc. Stock Forecast

High volatility in Esports Entertainment Group, Inc. stock price on Wednesday which ended trading at $0.0097
(Updated on May 08, 2024)

GMBLW Signals & Forecast

The Esports Entertainment Group, Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0072 and $0.0087. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 10, 2024, and so far it has risen 43.29%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Esports Entertainment Group, Inc. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Esports Entertainment Group, Inc. stock

On the downside, the stock finds support just below today's level from accumulated volume at $0.0078 and $0.0077. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0.0077 may give a huge drop in the stock price.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0056 between high and low, or 57.64%. For the last week the stock has had daily average volatility of 11.53%.

Our recommended stop-loss: $0.0092 (-6.00%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 20 days ago.)

Trading Expectations (GMBLW) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Esports Entertainment Group, Inc. to open at $0.0116, and during the day (based on 14 day Average True Range), to move between $0.0038 and $0.0157, which gives a possible trading interval of +/-$0.0060 (+/-61.44%) up or down from last closing price. If Esports Entertainment Group, Inc. takes out the full calculated possible swing range there will be an estimated 122.88% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0100 (2.63%) than the support at $0.0078 (19.95%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Esports Entertainment Group, Inc. stock A Buy?

Esports Entertainment Group, Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Upgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Esports Entertainment Group, Inc. of Thursday, May 9, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.